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Ithaca Energy successfully completes flow test operations on Stella A3 well
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces the successful completion of flow test operations on the fifth and final development well on the Stella field, with the well achieving a flow rate of over 8,000 barrels of oil equivalent per day (“boepd”).

date.png16 Apr 2015 18:38 | comments.png 0 Comments | tags.png europe ithaca north-sea uk upstram [ More ]

BW Offshore: Contract extension for BW Athena
BW Offshore has received a notice of termination for the FPSO BW Athena contract from Ithaca Energy. BW Offshore and Ithaca Energy (on behalf of the Athena field co-venturers) have agreed a revised contract structure to continue production on the Athena field beyond expiry of the firm period on a revised compensation scheme, involving advanced payment of an FPSO demobilisation fee and sharing of positive cashflow from the field. Both parties have the right to terminate on a 60-day notice period.

date.png01 Apr 2015 12:46 | comments.png 0 Comments | tags.png bw-offshore europe fpso ithaca services uk [ More ]

Producing Assets Acquisition
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces it has entered into an agreement with Sumitomo Corporation to acquire interests in three non-operated UK producing oil fields for a total consideration of $170 million. The acquisition further broadens the Company’s producing asset base with high quality, long-life oil assets, delivering a step-up in reserves and accelerating monetisation of existing UK tax allowances.

date.png23 Jun 2014 14:02 | comments.png 0 Comments | tags.png europe ithaca sumitomo top uk upstream [ More ]

BW Offshore: Contract extension for BW Athena
BW Offshore has received a contract extension for the FPSO BW Athena with Ithaca Energy. The primary term of the contract expires in Q2 2015, and Itacha Energy has exercised the option for a secondary term of up to five years. Ithaca Energy has the right to terminate the contract on a rolling 12-month notice.

date.png07 Jun 2014 20:19 | comments.png 0 Comments | tags.png bw-offshore europe fpso ithaca services uk [ More ]

Successful Stella A2 Well Test Results and GSA Development Update
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces completion of flow test operations on the second development well on the Stella field and provides an update on Greater Stella Area ("GSA") development activities.

date.png08 Jan 2014 12:21 | comments.png 0 Comments | tags.png europe ithaca north-sea uk upstream [ More ]

Further UK Exploration Portfolio Farm-Outs
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces further UK exploration portfolio farm-out transactions. When combined with the previously announced UK farm-outs the Company is now fully carried for the forecast cost of drilling the UK exploration well commitments transferred as part of the Valiant Petroleum plc ("Valiant") acquisition and in addition will receive over $8 million in cash from the farm-out parties.

Highlights

  • Farm-out to Oyster Petroleum Limited ("Oyster Petroleum") of a 9% working interest in the UK licences containing the Handcross prospect and a further 5% working interest to Sussex Energy Limited ("Sussex Energy"). Ithaca has a fully carried 31% working interest, will receive a cash payment and has retained operatorship of the licence.
  • Farm-out to Euroil Exploration Limited, a subsidiary of Edison SpA ("Edison"), of a 10% working interest in the UK licence containing the Isabella prospect for cash. Ithaca has a fully carried 10% non-operated working interest and will receive a cash payment.
  • The farm-out agreements collectively provide for the parties to pay their working interest share of future licence costs, the reimbursement of past licence costs and the payment of certain cash considerations.
  • Ithaca has now offset the full $85 million of forecast UK exploration well commitment costs transferred as part of the Valiant acquisition and generated over $8 million in cash payments.

Iain McKendrick, Chief Executive Officer, commented:
"I am delighted that the Company has achieved a cashflow positive position with respect to the Handcross and Isabella exploration wells. The Company has successfully executed upon its key post-acquisition objective of removing its UK exploration cost exposure whilst still retaining potential upside."

Handcross Exploration Well Farm-Out
Ithaca has entered into a farm-out agreement with Oyster Petroleum concerning UK licences P1631 and P1832 (blocks 204/14c, 204/18b and 204/19c), which contain the Handcross prospect. In addition Sussex Energy, an existing Handcross co-venturer, has exercised an option under the terms of its original farm-out agreement to take a further 5% working interest in the licences.

The agreements will result in the transfer of a 9% working interest in the licences to Oyster Petroleum and a 5% working interest to Sussex Energy in exchange for the companies paying their working interest shares of past and future licence costs in addition to providing Ithaca with a cash payment. These transactions reduce Ithaca's working interest in the licences from 45% to 31%. Ithaca retains operatorship of the licences.

When combined with earlier farm-out transactions to RWE Dea UK SNS Limited and Edison, Ithaca is now carried for its forecast share of the planned Handcross exploration well cost and will also receive additional cash beyond the carry.

Handcross is a Palaeocene prospect located in the Judd Basin in the West of Shetland sector of the UK Continental Shelf ("UKCS"). An exploration well is to be drilled on the prospect using the Stena Carron drillship, with operations anticipated to commence in late 2013.

Completion of the transactions is subject to normal regulatory and third party consents. Following completion, the Handcross partners will be Ithaca (31%, Operator), Edison (25%), RWE Dea (20%), Sussex Energy (15%) and Oyster Petroleum (9%).

In addition, Ithaca has entered into a further agreement with Oyster Petroleum to transfer its full 33.33% non-operated interest in UK licence P2018 for a cash sum. The licence, covering West of Shetland blocks 214/24b, 214/29a and 214/30c, was awarded in the UK 27th Offshore Licensing Round. Completion of the licence transfer is subject to normal third party and regulatory consents.

Oyster Petroleum is a new UK West of Shetland focused exploration company backed by the Norwegian international oil and gas investor HitecVision. Sussex Energy is a subsidiary of Azimuth Limited, a privately owned company with assets in the UKCS, Norway, Eire and Namibia.

Isabella Exploration Well Farm-Out
Ithaca has entered into an agreement with Euroil Exploration Limited, a wholly owned subsidiary of Edison, to farm-out a 10% interest in UK licence P1820 which contains the Isabella gas condensate prospect. This transaction reduces Ithaca's non-operated working interest in the licence from 20% to 10%.

The farm-out agreement provides for Edison to pay its 10% working interest share of future licence costs in addition to a cash payment to Ithaca. When combined with the earlier Isabella farm-out transaction executed with Maersk Oil North Sea UK Limited, Ithaca is now carried for its forecast share of the Isabella exploration commitment well cost and will also receive additional cash beyond the carry.

The P1820 licence was awarded in the UK 26th Offshore Licensing Round and covers blocks 30/6b, 30/11a and 30/12d in the UK Central North Sea. The licence work programme requires an exploration well to be drilled on the Isabella prospect by early 2015.

Completion of the transaction is subject to normal third party and regulatory consents. Following completion, the Isabella partners will be Apache North Sea Limited (50%, Operator), Maersk Oil North Sea UK Limited (30%), Ithaca (10%) and Edison (10%).

Edison is a major European energy company, with operations spanning the full energy supply chain, including oil and gas activities in Europe and Africa.

date.png24 Sep 2013 13:07 | comments.png 0 Comments | tags.png europe ithaca uk upstream [ More ]

Major milestone in the Greater Area Stella Development Achieved
The Stella drill centre manifolds, riser base structures and export pipeline tie in structures have all been built at Isleburn’s facilities in Ross Shire, Scotland. The sail-away marked the end of 12 months of intensive onshore fabrication activity.

date.png17 Aug 2013 14:24 | comments.png 0 Comments | tags.png epc europe ithaca north-sea services uk [ More ]

Norvarg Appraisal Well Results
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that the appraisal well (7225/3-2) test programme on the Norvarg discovery located in licence PL535 in the Norwegian sector of the Barents Sea has been completed.

date.png01 Aug 2013 07:34 | comments.png 0 Comments | tags.png europe ithaca norway upstream [ More ]

WGPSN scoops first life of field contract in the North Sea
Wood Group PSN (WGPSN) has secured its second North Sea duty holder contract extension this year. Valued at approximately $200m (£140m GBP), the life of field contract from Ithaca Energy will see WGPSN operate and deliver managed services to the Beatrice offshore platforms and Nigg onshore terminal until the end of their operating life.

date.png21 Jun 2013 19:58 | comments.png 0 Comments | tags.png europe ithaca north-sea services uk wood-group [ More ]

Ithaca Energy Inc. - Further UK Exploration Portfolio Farm-Outs to Edison International and Shell
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces the execution of further UK exploration farm-out transactions. The Company has executed a farm-out agreement with a subsidiary of Edison International SpA ("Edison") for a 25% interest in the licences containing the Handcross prospect and an agreement with Shell UK Limited ("Shell") concerning a licence awarded in the 27th UK Offshore Licensing Round.

date.png20 Jun 2013 07:07 | comments.png 0 Comments | tags.png edison europe ithaca shell uk upstream [ More ]
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